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    Woodside to farm-in to Chariot's Rabat Deep permits offshore Morocco

    Woodside Petroleum Ltd.

    Woodside Petroleum Ltd. has finalized an agreement with Chariot Oil & Gas to farm-in to the prospective Doukkala Basin offshore northwestern Morocco.

    Under the agreement, Woodside acquires an initial 25% participating interest in the Rabat Deep Offshore permits I-VI. The agreement includes an option to acquire an additional 25% and operatorship in these permits for a capped well carry obligation. The agreement is also subject to required government approvals.

    These undrilled permits are 4,162 square miles (10,782 square kilometers) in area, with water depths ranging from 492 feet to 11,811 feet (150 meters to 3,600 meters).

    Woodside CEO Peter Coleman said the farm-in provided an opportunity to secure a large acreage footprint in an emerging petroleum province that is prospective for both oil and gas.

    The Rabat Deep permits complement Woodside’s acreage position in the nearby Canary Islands, and are a further demonstration of continued efforts to build a global exploration portfolio.

     

     

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